JP Morgan Asset Management has invested about Rs 200 crore in Singapore-headquartered Assetz Property Group, which develops residential and commercial properties in southern India.
“The money will be used to build an 18.5-acre residential project in north Bangalore. The capital will be given in the form of equity by JP Morgan,” said Akshay Dewani, director, Assetz Property Group.
The company is diversifying into new segments and is in the process of forming commercial, industrial warehousing, and residential platforms to raise capital and expand its presence.
“We will be raising capital for logistics vertical first and plan to have a 10 million sq ft portfolio over the next four years,” said Dewani. The company plans to set up logistics and warehouse parks on the outskirts of Delhi, Mumbai, Chennai, Bengaluru and Nagpur. “We plan to have a multi-development platform as we have a good fundraising setup,” said Dewani. Currently, Assetz Property Group develops residential assets mainly in Bengaluru.
The company has so far raised about $180 million for its residential projects. It raised about $116 million from private equity and venture capital firm Equis Funds Group for its midmarket housing vertical.
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Source: Economic Times
